U.S. mortgage delinquencies edge lower

Fewer homeowners were late with their mortgage payment at the end of 2002, although the number of loans in the foreclosure process rose to a new high, a mortgage trade group said Monday. In the fourth quarter, 4.53 percent of U.S. mortgage loans were more than 30 days past due, and 1.18 percent of mortgages were somewhere in the foreclosure process, the Mortgage Bankers Association of America said. That was down from delinquencies of 4.66 percent and up from foreclosures at 1.15 percent in the third quarter of 2002.

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